“Promotion of entrepreneurship as well as start-up businesses remains a problem.”
This was the finance minister, the Hon. Arun Jaitley’s words in his budget speech on July 14, 2014. Although he clearly hinted to fund and support entrepreneurs with fresh ideas that have the proper guidance and mentorship and guidance, it is evident that he also hinted that India is in need of more entrepreneurs. We have many managers; however, one has to be aware that their contributions will not be more significant than that of an entrepreneur.
Here are four reasons India is in need of more entrepreneurs:
A. Understanding the golden term “Entrepreneurship.”
When we were kids, we used to copy in our exams. Don’t look at your head in disbelief because you copied at some moment. Could you fill in the blank or match the row here or there? The old habits are hard to break, and it shows up on our own entrepreneurial self as well. At first, there was Meru followed by TabCab, followed by Ola Cabs, and so on. The list was inexhaustible. What was the originality? Entrepreneurship itself is the development of a business that is “novel” in nature. The novel refers to something unique, is not an alteration of an existing business. India is in need of more entrepreneurs to develop innovative businesses,
B. The VC’s would like to invest, but there aren’t any interested parties
A number of Venture Capitalists around the world have set their sights on India since it is the fastest-growing developing country. What is the reason why Walmart was so keen to explore India? The world has a lot of potential, and our country is in need of more entrepreneurs to take advantage of all the interests. At present, there are only a handful of startups, such as Zoomcar, the car rental company that was awarded a USD 8 million investment through Sequoia Captial, that have managed to maximize the opportunities.
C. The greater exploration, the easier it is to be inspired.
In the course of our education, you were taught how large and diverse our country really is. There’s so much to discover that the further you look around, the greater the chance of being captivated by a million-dollar entrepreneurial idea. Explore gives you more possibilities, which will help you think outside beyond the norm.
In an interview with In an interview. John Mullins, Associate Professor of Management Practice in Marketing and Entrepreneurship in the London Business School (LBS), declared, “There is much to learn from India. In twenty years’ time, all the growth will not be coming out of Europe as well as North America.”
From food to clothes, there are a lot of opportunities for businesses to succeed all over the world. There is the potential to start businesses in the fields of power, education infrastructure, logistics, and so on. To make all of these opportunities, we require entrepreneurs.
D. Find your comfort zone – Monetarily
Confidence and trust in the business are essential for entrepreneurs of all kinds. Being able to establish your business without making a huge expenditure is crucial as you begin to start out. India requires more entrepreneurs who are self-funded themselves from the start and then seek out funding. The same culture is prevalent in other countries, where entrepreneurs start their ventures using their own funds before receiving external financing. The accessibility to finance and entry facilities help new companies to thrive. We need entrepreneurs who can make the most of this. In the month of December 2014, Spicejet was facing financial difficulties, and the government pondered possibilities of keeping the airline in business with a working capital credit that could be as high as 600 crores. 600 crore.
With a financial setup with the intention of helping the entrepreneurs of India and the Indian market, it’s time that the fresh minds start their journey in business as they’re just at the beginning. One of India’s most famous entrepreneurs, the late Mr. Ratan Tata, once said, “I have constantly been informing people to inspire people to ask questions about the things that are not being asked and not be embarrassed to think of fresh ideas, innovative processes to make things happen.” If a man who has been honored with the titles of Padma Bhushan and Padma Vibhushan mentions something similar to this, you need to pay attention.